Drug industry hails 100% FDI in pharma

Domestic drug makers have welcomed the government’s decision to continue with 100 per cent foreign direct investment (FDI) in the domestic pharmaceutical sector and make the Competition Commission of India (CCI) solely responsible for the scrutiny of mergers and acquisitions in the drug manufacturing field.

Industry representatives, reacting to the Prime Minister Manmohan Singh’s endorsement of the recommendations made by a high-level committee headed by Planning Commission member Arun Maira on pharma takeovers, said the government should now formulate a policy framework.

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